MARKET BRIEFING IN NOVEMBER 2002

Open market operation

In November, the People's Bank of China (PBC) held four open market bond transactions, all of which were repos in the form of fixed rate volume-bidding.

Bond issuing

In November, China Development Bank and Import & Export Bank of China offered four issues of bonds, totaling RMB 35 billion yuan, through the bond issuing system of the PBC.

Bond listing

In November, the PBC authorized four issues of bonds to be listed on the national interbank bond market. 01EXIM07 was delisted.

02CDB14 deserves notice in that it is traded with the principal and interest separated. After its issuance, the bond can be divided ---according to each interest payment and principal repayment --- into zero coupon bonds, each of which can be held and traded as an independent bond with its own code.

Market members

By the end of November, members in the national interbank funding market and bond market totaled 719, among which 593 had been connected to the network. The national interbank forex market had a total of 319 members.

(by Wang Fan)